Glossary
1. POST OFFICE SAVING SCHEMES
The post office savings account is one of the schemes that the Post Office offers. It offers a fixed interest rate on the deposit amount. Hence, the post office saving scheme is suitable for individuals seeking to earn fixed returns from their investments.
2. RD – RECURRING DEPOSIT ACCOUNT
Post Office Recurring Deposit (PORD) Account allows investors to save on a monthly basis. The interest is compounded on a quarterly basis. This post office small savings scheme has a total of 60 monthly instalments.
3. TD – TIME DEPOSIT ACCOUNT
Post Office Time Deposit (POTD) Account is one of the most popular post office savings schemes. The interest rates are determined by the Finance Ministry every quarter. The rates are based on the yield of government securities and spread over the government sector yield.
4. MIS – POST OFFICE MONTHLY INCOME SCHEME ACCOUNT
POMIS is a low-risk investment scheme that offers regular monthly income to the depositors in interest payments. The interest rates are announced every quarter. POMIS has a lock-in period of five years.
5. SCSS – SENIOR CITIZEN SAVINGS SCHEME
Senior Citizens Savings Scheme (SCSS) is a post office savings scheme suitable for senior citizens. The post office saving scheme offers regular income as well as safety for depositors. The regular income is in the form of interest payments. The interest is calculated every quarter and credited to the investor’s account.
6. PPF – PUBLIC PROVIDENT FUND ACCOUNT
Public Provident Fund (PPF) is a post office savings scheme launched by the National Savings Institute in 1968. The scheme guarantees returns. The Ministry of Finance revises the PPF interest rates every quarter. The scheme pays interest annually on 31st March.
7. NSC – National Savings Certificate
You can invest in NSC with a small deposit amount of Rs. 100 as a single individual, jointly or as a guardian of a minor. The lock-in period for this scheme is 5 years. Also, the annual interest on NSCs is re-invested and paid out as an accumulated amount at the time of maturity.
8. SSY – Sukanya Samriddhi Account
Under this Indian post office saving scheme, parents or legal guardians of any girl child up to 10 years of age are eligible to open this account in the child’s name. A maximum of 2 accounts is allowed for a household for two daughters individually. Once the child reaches 21 years of age, she is eligible to claim the maturity amount.
9. KVP – Kisan Vikas Patra
KVP certificates allow you to earn double the deposit amount in 9 years and 10 months. Also, the deposit can be enchased only after 2.5 years against the payment of a nominal penalty.
10.PMJJBY – Pradhan Mantri Jeevan Jyoti Bima Yojana
The PMJJBY is available to people in the age group of 18 to 50 having a bank account who give their consent to join/ enable auto debit. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.
11. Indira Vikas Patras
These instruments are available at post offices and can be purchased by any person. Minimum investment in Indira Vikas Patras is Rs. 100 and there is no maximum limit. The initial amount is doubled in 5 years and these: patras cannot be encased premature.
12. 15 Years Public Provident Fund Account
Under this scheme, deposits can be made in lumpsum or in 12 installments, minimum of Rs. 500/- and maximum of Rs. 70,000 in a financial year. These deposits qualify for income tax rebate under Sec. 88-of I.T. Act. Withdrawal is permissible every year from 7th financial year; loan facility is available from 3rd financial year.
13. Deposit Scheme for Retiring Govt. Employees 1988
This scheme permits only one account which can be opened by retired central/state Govt. employee in its own name or jointly with the response. The account can be opened within three months from the date of receiving the retirements benefits with a minimum of Rs. 1000/- and in multiple thereof can be withdrawn after the expiry of 3 years from the date of deposit.
14. Deposit Scheme for Retiring Employees of Public Sector Companies, 1991
To provide the benefits to the retiring employees of public sector companies, the deposit scheme for retiring govt. employees-1989 was introduced in 1991 for the public sector companies retiring employees.
15. PM SAVANidhi
It is a central sector scheme launched in June 2020. It aims to provide micro-credit facilities to street vendors affected due to COVID-19 pandemic.
16. PMSBY – PRADHAN MANTRI SURAKSHA BIMA YOJANA
This scheme intends to provide an affordable insurance scheme for the poor and underprivileged people in the age group of 18 to 70 years with a bank account at a premium of Rs.12 per annum; risk coverage of Rs.2 lakh for accidental death and full disability and Rs.1 lakh for partial disability.
17. PMJDY – PRADHAN MANTRI JAN DHAN YOJANA
This is a financial inclusion program of the Government of India open to Indian citizens that aims to expand affordable access to financial services such as bank accounts, remittances, credit, insurance and pensions.
18. PMSSY – PRADHAN MANTRI SWASTHYA SURAKSHA YOJANA
This scheme aims at correcting the imbalances in the availability of affordable healthcare facilities in the different parts of the country in general, and augmenting facilities for quality medical education in the under-served States in particular.
19. PMMY – Pradhan Mantri Mudra Yojana
This scheme is launched for providing loans upto 10 lakhs to the non-corporate, non-farm small/ micro enterprises. These loans are given by the commercial banks, RRB’s, small finance banks, MFI’s and NBFCs.
20. APY – ATAL PENSION YOJANA
APY Formerly known as Swavalamban Yojanais a government-backed pension scheme in India, primarily targeted at the unorganised sector. It was applicable to all citizens in the unorganised sector who joined the National Pension Scheme (NPS) administered by the Pension Fund Regulatory and Development Authority (PFRDA) Act 2013.
21. GMS – Gold Monetisation Scheme
This scheme was launched with an aim to mobilise gold and facilitate its use for productive purposes, which further will also help in reducing India’s dependability on gold imports. The scheme will also benefit jewellers by allowing them to obtain loans.
22. PMFBY – Pradhan Mantri Fasal Bima Yojana
This scheme provides insurance coverage and financial support to the farmers in the event of failure of any of the notified crop as a result of natural calamities, pests & diseases.
23. PMGKY – Pradhan Mantri Krishi Sinchai Yojana
This is a national mission to improve farm productivity and ensure better utilization of the resources in the country.
24. PMKVY – Pradhan Mantri Kaushal Vikas Yojana
The aim of the PMKVY scheme is to encourage aptitude towards employable skills and to increase working efficiency of probable and existing daily wage earners, by giving monetary awards and rewards and by providing quality training to them.
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